The acquisition was financed with a loan of $30.03 million from Bank of America (NYSE: BAC).

The seller of the neighborhood shopping center (assessor's parcel 457-800-20) was PCCP/SB San Carlos LLC of Bala Cynwyd, Pa., with Michael J. Connolly as the vice president. The seller is a joint venture of Pacific Coast Capital Partners LLC and Stoltz Real Estate Fund II LP.

The center was constructed in 1971 on 13.5 acres at the intersection of Navajo Road and Lake Murray Boulevard, and renovated in 2004.

The property includes an in-line shop building anchored by two big-box buildings and five building pads. Anchor tenants include Walgreens, LA Fitness, Starbucks (Nasdaq: SBUX), Wells Fargo and JPMorgan Chase Bank.